Ford's $2m-a-year chief executive, Alan Mulally, today vowed to work for an annual salary of just one dollar if the struggling US car maker has to take government money as part of a $25bn (£16.76bn) bail-out of the US car industry.

In a further move to woo congressional support Mulally has vowed to sell Ford's fleet of corporate jets, cancel next year's bonuses for global management and US employees as well as closing more plants, trimming its dealer network and stepping up its work on electric vehicles.

In its business plan, submitted to Congress today, Ford said it was seeking bridging finance of some $9bn but argued that if Congress gave its approval it would not have to draw down the money.

"For Ford, government loans would serve as a critical backstop or safeguard against worsening conditions, as we drive transformational change in our company," Mulally said.

America's big three auto makers Ford, General Motors and Chrysler, were all due to submit business plans to Congress as they seek financial support to weather the economic downturn which has seen the industry faced with fierce competition and plunging sales.

Some congressional leaders have already made it clear they are determined to ensure the car makers will only get their support if they come up with credible restructuring plans.

Today Ford said that it expected both the company overall and the north American operations to be either profitable or breaking even in 2011. The forecast is based on a US market recovery which would see sales of 12.5m units next year, 14.5m in 2010 and 15.5m in 2011.

Ford has already sold Aston Martin, Jaguar and Land Rover over the last two years and yesterday said it was looking at the future of Volvo, which could involve the sale of the Swedish car maker.